Amends the taxation laws to: increase the dependent spouse tax offset to $2,100 from 1 July 2007; increase the Medicare levy low-income and the Medicare levy surcharge low-income thresholds in line with movements in the consumer price index; and increase the Medicare levy low-income thresholds for pensioners below pension age so that there is no Medicare levy liability if there is no income tax liability.

to allow the Commissioner of Taxation to disclose certain taxpayer information to Project Wickenby taskforce officers and officers of other taskforces;

Superannuation Guarantee (Administration) Act 1992

to enable the Commissioner of Taxation or an officer of the Australian Taxation Office to provide information to an employee in response to a complaint concerning an employer’s superannuation guarantee obligations; and

Income Tax Assessment Act 1936

and four other tax Acts to extend the employee share scheme concessions and related capital gains tax treatment to certain stapled securities.

Part of a package of three bills, the bill amends the taxation laws in relation to: foreign income tax offset rules; capital gains tax roll-over for medical defence organisations; superannuation funds investment in instalment warrants; updating the list of deductible gift recipients; increasing family trust flexibility; trustee beneficiary reporting rules; the transition to the simplified superannuation regime; and makes technical and other amendments in relation to: income tax deductibility for gifts to certain scholarship funds; the formula for the fringe benefit tax depreciation rate for a car; tax file number withholding from payments to certain exempt entities; and capital gains tax exemption for certain organisations. Also repeals the

Amends the taxation laws in relation to: tax-exempt asset financing; thin capitalisation; capital gains tax marriage breakdown roll-over; income tax exemptions for the Prime Minister’s Prize for Australian History and Prize for Science; same business test cap removal; partial capital gains tax roll-over for statutory licenses; Australian property trusts and stapled securities; deductible gift recipients; film production offsets; tax deductibility for certain Australian research and development activities; and establishes Innovation Australia to administer innovation and venture capital programs.

Amends the taxation laws in relation to: tax-exempt asset financing; thin capitalisation; capital gains tax marriage breakdown roll-over; income tax exemptions for the Prime Minister’s Prize for Australian History and Prize for Science; same business test cap removal; partial capital gains tax roll-over for statutory licenses; Australian property trusts and stapled securities; deductible gift recipients; film production offsets; tax deductibility for certain Australian research and development activities; and establishes Innovation Australia to administer innovation and venture capital programs.

in relation to: removing tax deductibility for contributions and gifts to political parties, members and candidates; and extensions of the beneficiary tax offset to the Equine Workers Hardship Wage Supplement Payment;

Income Tax Assessment Act 1997

and

Income Tax (Transitional Provisions) Act 1997

in relation to tax-free superannuation lump sums paid to persons with a terminal medical condition;

Income Tax Assessment Act 1997

in relation to: deductions for capital expenditure for the establishment of trees in carbon sink forests; and tax-free grants under the Tobacco Growers Adjustment Assistance Programme 2006 to certain tobacco growers; and